As one of the best business management software, Tally is used by business owners, Accountants and other Tally users for more than three decades. During these years, Tally ensured to deliver top-performance by releasing various Tally versions which offered major improvements and enhancements. Thus, with the new release - TallyPrime - Tally aims to transform various business operations, providing you with greater flexibility and efficiency. Note: Tally has also launched TallyPrime Release 1.1 A. What is TallyPrime? The all-new TallyPrime is a better and smarter version of Tally.ERP 9. While it retains the simplicity of the Tally.ERP 9 software, it offers much more enhanced features that help you to improve different operations leading to seamless workflow and greater productivity. As [...]
With the various kinds of supplies, there is a confusion under GST for the process and payment of the same. There are relatable differences between Nil-rated and zero-rated supplies. Even non-taxable and exempt supplies have differences. However, the end result for all of the above – Nil-rated, Zero-rated, non- taxable and exempt – is the same, i.e. no GST is charged for any of these supplies. In this article, we’ll look at the difference between all these terms, which will help you to correctly file GST for the same and get an accurate ITC claim (if applicable). Further reading: How Tally’s latest version can help with GST Billing and GST Return Filing Difference Between Nil-Rated, Zero-Rated, Non-Taxable and Exempt Supplies […]
As a value-added tax, GST is levied on most goods and services that are sold for domestic consumption in India. GST (goods and services tax) is a comprehensive, multi-stage, destination-based tax: comprehensive because it has subsumed almost all the indirect taxes (Excise duty, VAT, Service tax) except for a few state taxes. In simple words, GST is an indirect tax on the supply of goods and services used in India. Understanding the process of payment through the GST portal is important, as it is a necessary payment to help the government keep track of the supply & demand as well as provide the best quality goods and services to consumers. There are a few ways to find user authentication in […]
During the COVID-19 pandemic, the central and many state governments are in the thick of the action to provide tax relief to taxpayers. This article offers an overview of the recent Direct and Indirect Key income tax relief provided by the government. Take a look! A. Direct Tax Return Filing OF Income The due date for filing late and revised returns of income for the assessment year 2019-20 was extended from 31 March to 30 June 2020. Additionally, the due date of all income-tax return for FY 2019-20 is extended from 31 July 2020 and 31 October 2020 to 30 November 2020 and tax audit from 30 September 2020 to 31 October 2020. The timeline for linking Aadhaar with PAN [...]
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GST (Goods and services tax) – India – Tally Solutions Recommendations Made by the GST Council – 22nd Meeting The 22st GST Council in its meeting held at New Delhi on 6th October 2017, discussed about key changes required to ease the burden of compliance on small and medium businesses. The difficulties in filing the return, inconveniences faced on account of paying tax on… The post Recommendations Made by the GST Council – 22nd Meeting appeared first on GST (Goods and services tax) – India – Tally Solutions.
GST (Goods and services tax) – India – Tally Solutions Understanding GSTR-2 Part 6 In our previous blog How to File GSTR-2 PART5, we discussed about furnishing details of Debit/Credit Notes for supplies from a registered supplier in Table 6C of GSTR-2. In this blog, we will discuss about filing GSTR-2 table 6C with the details of Debit/Credit Note… The post Understanding GSTR-2 Part 6 appeared first on GST (Goods and services tax) – India – Tally Solutions.
In our previous blog How to File GSTR-2 PART-4, we discussed about the different components of table 6 of GSTR-2. In this blog, we will discuss about furnishing details of Debit/Credit Note in 6C of GSTR-2. This blog is your guide to file GSTR-2 -Table 6C In 6C of GSTR-2, the details of Debit Note or Credit Note issued during the month will be captured. Below are scenarios in which Credit Note and Debit Note will be recorded by your supplier. Credit Note: Sales return, de-escalation (decrease) in price, downward revision of rate of tax and subsequently the tax amount Debit Note: Escalation (increase) in price and upward revision of rate of tax and subsequently the tax amount From the […]
Introduction The GST regime is very different from the previous indirect tax regime, in more ways than one. However the biggest difference is in the nature of compliance, which has undergone a major change. In the previous regime, it was not mandatory for a buyer or supplier to reconcile their invoices before filing onto the government’s systems. Under GST, a buyer will need to reconcile inward supply invoices with the outward supply of their vendor to be eligible for input tax credit before filing periodic returns. In case a buyer today, files the tax returns without reconciling with his supplier, he will be carrying a risk of loss of Input Tax Credit (ITC). Given that ITC is of crucial […]
The time to furnish your first GSTR-1 is fast approaching. In Form GSTR-1, and in the monthly returns to be furnished by a regular dealer, details of UQC are asked for. In this blog, let us understand what UQC is and how to know your UQC. UQC (Unit Quantity Code) UQC stands for Unit Quantity Code. The intent of using UQC in returns is to maintain a standardised terminology for units of measure. Every tax payer could be using different names for the same unit of measure and this makes it difficult for the Department to track or arrive at analyses. For example, one tax payer could be using Kgs as the unit of measure and another tax payer could […]
The time to furnish your first GSTR-1 is fast approaching. In Form GSTR-1, and in the monthly returns to be furnished by a regular dealer, details of UQC are asked for. In this blog, let us understand what UQC in GST is and how to know your UQC. UQC (Unit Quantity Code) in GST UQC stands for Unit Quantity Code. The intent of using UQC in GST returns is to maintain a standardised terminology for units of measure. Every tax payer could be using different names for the same unit of measure and this makes it difficult for the Department to track or arrive at analyses. For example, one tax payer could be using Kgs as the unit of measure […]